Abstract: Phalaenopsis, as a major global potted and seasonal ornamental plant with outstanding economic value, has become a key focus of the floriculture industry, and its breeding technology is accelerating the transition from traditional hybrid breeding to molecular directed breeding. This article provides a comprehensive review from three aspects: the current status of germplasm resources, advances in core breeding technologies, and major breeding objectives and achievements. Regarding germplasm resources, there are approximately 70 native species worldwide, with 14 native to China—including two endemic species. The utilization of germplasm is being precisely expanded toward distinctive traits such as fragrance, rare flower colors, and stress tolerance. In terms of breeding technology, traditional hybridization techniques have been continuously optimized. Technological breakthroughs—such as distant hybridization combined with embryo rescue—have overcome interspecific hybridization barriers. For molecular breeding, genome sequencing of key species has been completed, with significant advances in gene dissection and molecular marker development for traits such as flower color and resistance. Gene-editing technology provides support for targeted improvement. In terms of breeding objectives and achievements, four major directions have been established: diverse flower colors, high-quality flower forms, functional characteristics, and enhanced resistance. Numerous new commercial varieties have been developed, covering a wide range of consumer scenarios. This article systematically reviews the current state of Phalaenopsis breeding, analyzes the industry’s current bottlenecks, and outlines future directions, with the aim of providing guidance for Phalaenopsis breeding research and the high-quality development of the industry.